a problem is listed below. identify its type. jose received $400 for his birthday from his family. he wishes to buy a motorcycle and decides to use his birthday money towards it. he'd like to have a bigger down payment so he invests his money in a saving account that pays 7% per year compounded quarterly. if jose purchases the motorcycle in 2 years, how much will he have available towards the down payment for his motorcycle? a) future value with simple interest b) effective rate c) simple interest d) future value with compound interest e) present value with compound interest f) none of the above.